Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-15

The Worst Break in the wheat Market
Ever knOwn-The Cincinnati Backers
81 the Clique Charged with Playing

Yesterdays break in the Chicago wheat market
was attended by the most sensational scenes ever
witnessed on change there. Men. wild-eyed and
painting with heat and excitement. thronged the
wheat pit at the noon hour. Some rushed aim
lessly about the door OF the exchange wring1ng
their hands and uttering ordinations OF rage
and despair as they saw the market going down
and down to a point that made them and hun
dreds OF their followers penniless Others there
were whose excitement was OF q different char
acter and prompted them 70 the widest demon
STATIONS OF uproarous hilarity. From the floor OF
the exchange the news spread to the street, and
from all directions excited throngs hurried 10 the
scene OF disaster. Business men with blanched
faces and the perSpiration streaming from every
pore rushed madly into the street In their haste
10 reach the board and TO learn the worst.
After the announcement OF the failure OF the big
house OF RoSenfeld Co., June wheat. which had
already gone down from as TO a. took still fur-
cents a bushel, the biggest and quickest tumble
ever known in the history OF this wheat. on the
afternoon board the failures were announced Of
Hamll q Bir,ie and + w. Bailey & Co., the for
mer strong firm OF good repute whose suspension
caused a fresh sensation. The panicky feeling
caused by the announcement OF these failures was
aIlayed TO some degree By a notice from the rirm
OF e j. kershaw Co, leaders OF the clique, that
they had assurances of ample funds to meet all
calls upon them by this morning.
BLAMING THE CINCINNATI PEOPLE
1t was the talk on the streets In Chicago last
evening that at meeting held at the Hotel Richie
lieu Monday night Banker Wiltshire OF cincinnati,
who Is alleged to have furnished the money In the
great corner had announced TO his brokers, c. j.
kerShaw, Frank johnson and Irwin Green Co.,
that no money could be put up on margins. Ker-
shaw Is said 10 have left the hotel with long face
and with the avOwed Intention of unloading what
wheat he had In his possession. Within an hour
after the opening OF the board yesterday morning
millions or bushels We're sold by the clique Man.
ager Frank johnson, OF Rosenfeid Co, said last
Chime al al nf a
written and Geographic promises TO put up more
margins to-day. We saw Cincinnati customers In
this city yesterday personally, and they promised
faithfully that the money should be forthcoming
to-day. We received Geographic advices to- the
same effect nearly every ten minutes this after
noon, but finally We found that the money had
not been deposited, and that In order 20 treat all
alike and find out where we stood we had better
order the trades closed out, so the announcement
was accordingly made on change by the secre-
tary. We have paid for 100000 bushels or
wheat, but the attitude OF the directors OF the
room in the city regular made 1t appear that In
time we would be compelled TO take and pay for
almost the entire crop. There was talk on the
board to-day that several more warehouses would
be made regular and 1t was even the intention 10
turn the exposition building into a warehouse III
necessary. We were afraid TO take any more
debts '' p"' 0'''A' ''' ''''A' I'll GIL Vi '0'
PRoFITED BIZ THE PANIC.
There seems to have been some men who made
money by the break OF yesterday. One OF the nu-
merOus stories afiOat in Chicago last evening was
that Leopold Bloom, noted scalper, got wind OF
the interview at the Rchel1eu and on the strength
OF tt sold wheat on the opening OF the board, and
last night was SOS 600 ahead. The ST. Louis bears
made lots OF money There was great activity at the
exchange, trading being nvelier than for months
Toward noon the floor was crowded with inter-
eSted SPECTATORS Ii was about this time that
the big break came. June wheat jumped down
one-half OF cent a bushel; then a cent more
rallied One-fOurth of q cent, and then howl went
up from the crowd as 1t dropped OF again. Within
fifteen minutes the market had declined eleven
cents. The crowd cheered itself hoarse for hardly
a local trader was bit by the decline and fully
one-hah OF them could count profits running from
$3.50 to $20O,OOO. Probably the heaviest winner
May DEAL Moses Fraiey covered his shorIs on long
line OF july wheat early In the day, and Inquired
out protit that might have been his II be had
At New York the market was held up by heavy
purchases At the ruling ngureS. When the break
had assumed the proportion OF panic, and every
one seemed crazy to sell, c. ID. Freeman, repre-
senting Henry Ciews Co., entered the ring and
began bidding for ,OO0, 900 bushels. The excite
OF cents in June prices, and marked advance Ia
July before IL O'Clock. But 1t was wild half
hour and in the temper OF the crowd was likely
to be renewed at any moment during the day
Later In the day amounts aggregating, II is said,
1900, 600 bushels were purchased for Ciews & Co.
In Milwaukee three houses were carried under
by the slump. They were Frank Wilson, Joseph
Wilde, and ILL., Fleitzheim Co, the latter being
the Milwaukee branch OF c. j. kerShaw & Co.. OF
Chicago. Hooker, Crttenden CO., closed out all
their trades Their failure depends on the ability
OF the keTShaW crowd 10 meet all their obliga-
lions.
In Cincinnati, although the whole trouble was
attributed by the Chicago people TO persons in
that city, there was comparatively little excite
ment. There were rumorS In Chicago and New
York OF runs on Cincinnati banks but these
natl men who We're said TO have been supplying
the money for the Chicago wheat corner denied
any connection with the affair.